Equity

At 12:24 IST, the barometer index, the S&P BSE Sensex, was down 73.44 points or 0.15% at 48,617.98. The Nifty 50 index declined 54 points or 0.37% to 14,642.60.

In broader market, the S&P BSE Mid-Cap index was down 1.12% while the S&P BSE Small-Cap index fell 1.17%.

The market breadth was negative. On the BSE, 1176 shares rose and 1724 shares fell. A total of 162 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 2.46% to 20.575. The Nifty 27 May 2021 futures were trading at 14,646.50, at a premium of 40.5 points as compared with the spot at 14,606.

The Nifty option chain for 27 May 2021 expiry showed maximum Call OI of 29.8 lakh contracts at the 15,000 strike price. Maximum Put OI of 44 lakh contracts was seen at 14,000 strike price.

Buzzing Index:

The Nifty Metal index lost 4.77% to 5,037.95, extending its losing run to third consecutive trading session. The index has lost 8.4% in three days.

Jindal Steel & Power (down 13.07%), NMDC (down 9.54%), NALCO (down 7.4%), Hindalco Industries (down 6.82%), Steel Authority of India (down 5.98%), Tata Steel (down 4.9%), Coal India (down 4.53%), Vedanta (down 3.97%), JSW Steel (down 3.34%) and Hindustan Zinc (down 1.21%) tumbled.

Earnings Impact:

Polycab India jumped 6.15% to Rs 1638.10 after the company's consolidated net profit jumped 32% to Rs 283.2 crore in Q4 FY21 from Rs 215.1 crore in Q4 FY20. Revenue during the quarter increased 43% year-on-year (YoY) to Rs 3,037.4 crore, with healthy underlying growth across segments and rising share of B2C business. Wires and cables business grew 35% YoY to Rs 2487.5 crore in Q4 FY21, led by healthy pickup in infra and industrial project activities, improving consumer sentiment, and higher sales realisation. Business performance was broadly consistent across distribution channel as well as institutional business. Institutional business saw a decent sequential recovery. Housing wires sustained strong momentum. Fast Moving Electrical Goods (FMEG) business grew 89% YoY to Rs 346.8 crore in Q4 FY21 on the back of healthy consumer demand, distribution and strong execution. Growth was strong across categories and regions. Market share gains were prominent across the board.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 160,828,503 with 3,340,359 global deaths.

India reported 37,04,893 active cases of COVID-19 infection and 262,317 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. In last 24 hours, India recorded 3.43 lakh new cases and 4,000 deaths.

Economy:

India's retail inflation as measured by the Consumer Price Index (CPI) slowed to 4.29% in the month of April from 5.52% in March, mainly due to easing food prices, government data showed on Wednesday.

While industrial output as measured by the Index of Industrial Production (IIP) grew 22.4% in the month of March 2021 as compared to 16.7% in the year-ago period.

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